(a) A local government that receives approval for a
district under this chapter shall notify the department in writing
on or before the 21st day after the date:
(1) the financial institution opens a branch in the
district and the address of the branch; and
(2) the financial institution closes a branch in the
district.
(b) On behalf of the commission, the department may
request periodic status reports from the local government in order
to ensure that the needs of the community located in the district
are being met in an appropriate manner.
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